“China's agricultural output is approximately 140% more than India
and 68% more than the European Union. The rising demand for food and the
decrease of land for crop cultivation, especially in developing
countries, will propel the use of agrochemicals for the improvement of
farm yield and reduction of crop loss”

The market study covers the present scenario and growth prospects of the
global agrochemicalsmarketfor 2017-2021. The report also lists fertilizers and
pesticides as the two major product segments, of which the fertilizers
segment accounted for more than 56% of the market share in 2016.

Technavio’s sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.

Increasing use of herbicides

Huge investments are being made for the development of new varieties of
herbicides that are more effective and eco-friendly. Applications of
herbicides are spread across varieties of crops, including cereals,
grains, fruits, vegetables, oilseeds, and pulses. The shift in consumer
preference toward fruits and green vegetables is propelled by increasing
awareness with respect to health and fitness. This is also fueling the
increased use of herbicides in agricultural applications.

Dow Chemical has recently launched two new grassland herbicides, Levstar
and Envy. The company claims that these herbicides can protect crops
from weeds that are resistant to existing herbicide products.

“Players in the global agrochemicals market are spending a
considerable proportion of their revenue on R&D activities to bring in
new and innovative products in the market such as bio-based herbicides.
Although these herbicides are eco-friendly, they are relatively
expensive solutions for controlling weeds that have become resistant to
chemical-based herbicides,” says Ajay Adikhari, a lead analyst at
Technavio for agrochemicals
and fertilizersresearch.

Growing demand from developing countries

There is high growth potential for the agrochemical market in the
untapped, emerging markets of India and China. Currently, India's
consumption of pesticide stands at 0.6 kilograms per hectare, which is
among the lowest compared with 5-7 kilograms per hectare in the UK and
nearly 13 kilograms per hectare in China. With increasing awareness
among farmers, further penetration will lead to a rise in the
consumption pattern. These two economies with the largest population,
have a rural belt of more than 67% in China and 44% in India.

“China's agricultural output is approximately 140% more than India
and 68% more than the European Union. The rising demand for food and the
decrease of land for crop cultivation, especially in developing
countries, will propel the use of agrochemicals for the improvement of
farm yield and reduction of crop loss,” says Ajay.

Technological improvements leading to efficient methods of agriculture

The rapidly growing world population and proportionately declining
arable land have led to the need for improvement in agricultural
production. Advancements in new breeding technologies claim to improve
yields, as well as increase the lifespan of crops. For instance, genetic
modifications improve the crop yield by increasing fertilizer absorption
capacity. However, these crops still require agrochemicals such as
pesticides because they are not completely pest resistant. Therefore,
the requirement of pesticides will increase with the rise in the
adoption of GM crops.

The development of efficient methods of farming will result in causing
less harm to the environment and human health. Therefore, new
technological advancements will further drive the global agrochemicals
market during the forecast period.

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